Cairn makes €120m acquisition of new sites

The company’s first houses in Parkside, Dublin, will be marketed in SeptemberCAIRN HOMES

Cairn Homes, the Irish housebuilder, is set to spend €120 million on acquiring 11 new sites as it accelerates its housebuilding plans.

The company, which raised more than €400 million when it listed on the London Stock Exchange in June, said it is carrying out checks on the Irish locations where it plans to build up to 1,600 new homes.

The 11 new sites will be added to the nine the company purchased recently for €130 million. In its interim results, released yesterday, the company said the first nine locations could be worth €568 million when they have been fully developed.

Cairn will begin marketing its first houses at Parkside, off the Malahide Road in Dublin, in September, where average house prices are between €315,000…